How Much Insurance Should You Buy
Confused about how much insurance you should carry on your dwelling or outbuilding? Most people are, so don't feel alone. There are 3 values associated with most homes. They are as follows:

1. Market Value. This value is controlled by availability of housing in your area. If you had the only house for sale in your area and there are plenty of buyers, your sale price could be high. Conversely, if there were many homes like yours for sale and a small amount of buyers, the sale price could be lower.
2. Assessed Value. This is the value placed on your home and outbuildings by the local taxing authority and is usually a percentage of the Market Value referred to above. The lower the Assessed Value, the lower your tax base is.
3. Replacement Value. This is the amount that should be considered when insuring your home and outbuildings. This figure is arrived at by calculating what it would cost to build your home new. Your agent has proven tools available to help you determine the insurance Replacement Value of your home and outbuildings. This is the only way to arrive at a proper amount of insurance on your home and any outbuildings.

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